Tomkins Backs Canadian Bid

LONDON—U.K.-based Tomkins PLC agreed to be acquired by a group of Canadian investors for about £2.89 billion, or nearly $4.5 billion, but at least one big shareholder opposes the deal for the engineering and manufacturing company.

David Cumming, head of U.K. equities at Standard Life Investments, which holds a 3% stake in Tomkins, said the valuation was, "without a shadow of a doubt," too low, and "provides massive incentives to the outgoing management team to deliver returns to private equity rather than...